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2018 (5) TMI 350 - AT - Income TaxDepreciation on tangibles - Held that:- As it has not been established that the assets in the form of goodwill and commercial right claimed which has been taken over were in existence in the books of the predecessors firm. We concur with the Assessing Officer that these assets were artificially created subsequent to the succession of the firm in the books of the assessee company. The only purpose of this action is to claim huge deprecation in hands of the assessee company. Claim of exempt profit from SNA RCC (JV) - share of the profit of the AOP claimed by the assessee - Held that:- When the balance sheet of the M/s. SNBL & RCC JV does not show the assessee company as a partner, despite the said balance sheet of AOP being certified by a Chartered Accountant, how the assessee company’s balance sheet shows the existence thereof as sundry debtor is not understandable. CIT(Appeals) has given a finding that in the Audit Report of AOP in Form No. 3CD, the profit sharing ratios of the members are shown at 97% and 3% for M/s Shyam Narayan & Bros and M/s Rajesh Construction Co. respectively. The assessee’s name does not figure as a member of the AOP in the Audit Report. The action of the authorities below in disallowing the share of the profit of the AOP claimed by the assessee is correct. Hence, we affirm the order of the authorities below.
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